Pay tuition for academic periods that will begin in January, February, or March of 2016 (if it will make you eligible for a tax credit)

Donate to your favorite charities

Sell investments at a loss to offset capital gains you have recognized this year

Ask your employer if your bonus can be deferred until January

Keep in mind, however, that in certain situations these strategies might not make sense. For example, if you will be subject to the alternative minimum tax this year or be in a higher tax bracket next year, taking some of these steps could have undesirable results.

If you are unsure whether these steps are right for you, consult us before taking action.